SAN
FRANCISCO, May 7, 2024 /PRNewswire/ -- Numeric, an
AI-powered accounting automation company, has raised $10 million in a Seed round from Founders
Fund, Menlo Ventures, 8VC, Long Journey,
Friends & Family Capital, and more to fuel product
development and hiring.
Numeric has quickly become a leader in accounting automation.
Hundreds of private and public companies – including Brex,
Plaid, and Wealthfront – leverage Numeric to perform technical
accounting research, proactively flag data discrepancies, draft
variance explanations, and automate recurring month-end close
processes.
"AI has created an opportunity to rethink accounting workflows
and to build a new generation of truly intelligent software",
states Parker Gilbert, CEO and
Co-Founder of Numeric. "With this funding, we're building towards a
future where accountants will be able to automate their most
recurring work and focus instead on empowering their business to
make the best decisions. Increasingly, accounting teams' primary
role will be of editor, interpreter, and architect of the financial
operations system."
Today accountants invest years in CPA certification and ongoing
education, only to spend much of their time buried in spreadsheets
and data entry. And with a growing nationwide accountant shortage,
more than ever teams are understaffed and overworked.
"Numeric has transformed how we close our books each month by
helping to cut down on manual work and avoid digging into
spreadsheets— unlocking time back to focus on strategic work. It
provides me great visibility into my team's workload and the
progress of our month-end close. We're excited to see what's in
store in the upcoming months" shared current customer Jane Rudneva, Senior Director of Accounting and
Deputy CFO at Wealthfront.
The additional funding will fuel R&D hiring as the company
continues new product development, building towards a future where
every accountant will have an AI-assistant, enabling them to focus
on the strategic, advisory, and analytical aspects of their
work.
"We believe Numeric is setting a new standard for what
technology can achieve in accounting. With an aggressive pace of
progress integrating AI and rapid growth with new customers,
Numeric is quickly becoming an indispensable tool for the modern
accounting team. We are thrilled to be a part of their journey"
states Lee Jacobs, General Partner
at Long Journey.
Numeric was founded in 2020 after CEO, Parker Gilbert, was leading a finance and
accounting team and felt buried under the manual work involved in
the month-end close. Recognizing the potential of AI to transform
accounting, Gilbert and co-founders Anthony
Alvernaz and Andrew Bihl, set
out to build the platform Gilbert had longed for in previous
finance roles. Today, Numeric brings together engineers and
accountants from some of the most innovative and fast-growing
businesses.
About Numeric
Numeric is an AI accounting automation platform, built to take
manual work off accountants' plates so they can focus on what's
impactful. Founded in 2020 by co-founders Anthony Alvernaz, Parker
Gilbert, and Andrew Bihl,
Numeric is headquartered in San
Francisco and New York.
For more information, visit https://www.numeric.io/
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SOURCE Numeric